Home MMBIZ News Japan to Loan Half A Billion Dollars to Myanmar

Japan to Loan Half A Billion Dollars to Myanmar

Japan will provide Myanmar with loans of ¥60 billion ($585 million) to help the Southeast Asian nation improve its infrastructure, Japanese media reported.

Japanese Prime Minister Shinzo Abe was expected to pledge the loan when he held talks with Myanmar President U Thein Sein over the last weekend, the Kyodo News agency reported, citing an unnamed government official.

The amount comes on top of more than ¥90 billion in loans and grants pledged by the Japanese premier during his visit to Myanmar in May, bringing Japan’s economic aid to more than ¥150 billion.

The report said the assistance was also aimed at limiting China’s moves to boost relations with Myanmar, and helping Japanese companies to make inroads into the country’s still undeveloped market.

Abe and Thein Sein were expected to sign a memorandum of understanding on Japanese support for Myanmar’s health and medical sectors, on the sidelines of a meeting between Japan and leaders of the Association of Southeast Asian Nations (ASEAN) last weekend.

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